IE Business Daily Business news for the Inland Empire.
A Circle K store and gas station in Coachella has been sold for $3.1 million.
Fountainhead Development in Newport Beach, the project’s developer, sold the property to a private investor in San Diego whose name was not released, according to Hanley Investment Group in Corona Del Mar.
Hanley Investment represented Fountainhead Development in the negotiations.
The 4,625-square-foot Circle K, sits on 1.26 acres at 50200 Cesar Chavez St. An estimated 33,000 vehicles pass by that site on a typical day.
The buyer assumes a 15-year triple net ground lease with an automatic 10 percent rent increases every five years.
Circle K operates more than 16,700 locations worldwide. It has held high rankings in the convenience store industry last year, including second in “Top 40 C-Store Chains” by CSP Magazine and second in “Top Convenience Store Franchises” by Franchise Chatter, according to the statement.
